The realization that working from home will likely outlast the pandemic has altered the decision-making process for those in the market for a new home.
The ability to work from home is causing buyers to move sooner than expected, look at a broader range of geographic locations and, of course, seek out a home with a dedicated office space, according to a recent survey of more than 2,000 home shoppers who expect to move in the next year.
According to the realtor.com HarrisX survey of active home shoppers, 63% said their decision to buy a new house was a result of their ability to work remotely. Nearly 40% of those who said remote work was fueling their search expected to purchase a home within four to six months, and 13% said changes related to COVID prompted their desire to purchase a new home.
“The ability to work remotely is expanding home shoppers’ geographic options and driving their motivation to buy, even if it means a longer commute, at least in the short term,” said realtor.com senior economist George Ratiu. “Although it’s too early to tell what long-term impact the COVID-era of remote work will have on housing, it’s clear that the pandemic is shaping how people live and work under the same roof.”
The survey results showed working from home was something many were looking to do well beyond the pandemic. Nearly 40% of currently employed respondents were working from home as a result of COVID. When given the choice of working remotely or in an office setting, 52% of remote workers indicated they prefer to work from home.
While 50% of respondents currently have a home office, the rest work in a bedroom, kitchen, living room, or move from room to room as family needs dictate. And 45% of respondents had converted a room in their house to serve as an office, the results showed.
Remote work won’t always be as dominant. According to the survey, 53% anticipated working in an office full-time eventually. About 22% expect a mix of in-office and remote work and 14% responded they don’t anticipate ever returning to the office.